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Last update 08/03/2019 IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 7 Statement of Cash Flows IAS 10 Events after the Reporting Period IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance … Read more
Last update 04/01/2020 eXtensible Business Reporting Language (XBRL) is a form of electronic communication whose main feature includes interactive electronic tagging of both financial and non-financial data. The IFRS Taxonomy is a translation of IFRS into XBRL. It classifies information presented and disclosed in IFRS financial statements and reflects presentation and disclosure requirements in IFRS … Read more
Last update 02/12/2019 Hyperinflation in Argentina – Argentina is now (October 2019) considered to be a hyperinflationary economy. IAS 29 – Financial Reporting in Hyperinflationary Economies is therefore applicable to entities whose functional currency is the Argentine peso. Assessment of the situation IAS 29 sets out a number of quantitative and qualitative characteristics for the … Read more
Last update 06/12/2019 So, what is replicating portfolios? Topic – IFRS 17 Insurance contracts. A replicating portfolio is a pool of assets designed to reproduce (replicate) the cash flows or market values of a pool of liabilities across a large number of stochastic scenarios used among other in the insurance industry. Once set up, a … Read more
Last update 19/12/2019 How to work with APMs – Alternative performance measures (APM) have a twofold use; directors monitor the financial and economic performance through APMs, and reporting entities heavily rely on APMs to communicate results to their financial statement users. APMs should normally be consistent with the performance indicators used by directors. However, regulatory … Read more
Last update 01/11/2019 Here the questions raised is how to account for revenue in a transfer of land. Or to put it more formally how to account for revenue recognition in a real estate contract that includes the transfer of land (as per IFRS 15 Revenue from Contracts with Customers) as per the same 2018 IFRS … Read more
Last update 04/08/2019 An enhancing qualitative characteristic that enables different knowledgeable and independent observers to reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation. The Conceptual Framework provides the following guidance [Conceptual Framework 2.30 – 2.32]: Verifiability helps assure users that information faithfully represents the economic phenomena it purports to represent. Verifiability means … Read more
Last update 26/11/2019 How is goodwill different from other intangible assets? An asset, which has no physical existence such as corporate intellectual properties (patents, trademarks, business methodologies and copyrights), trademarks, patents, software, goodwill and brand recognition are known to be an “Intangible asset”. So goodwill is and is not an intangible asset. Goodwill is a … Read more
Last update 17/12/2019 [IFRS 17 Insurance Contracts] The Variable Fee Approach (‘VFA’) is a modification of the General Model. The General Model is applied to insurance contracts without participation features or to insurance contracts with participation features that fail the Variable fee scope test. Topics hide Variable fee scope test Overview Variable Fee Approach Differences … Read more